CollPlant Biotechnologies reported GAAP revenues of $515,000 for the year ended December 31, 2024, a significant decrease from $11.0 million in 2023. This decline was primarily attributed to the absence of a $10.0 million milestone payment from the AbbVie Agreement received in 2023, alongside a $444,000 decrease in sales of rhCollagen products and VergenixFG.
The company's GAAP gross loss for the full year 2024 was $1.1 million, compared to a gross profit of $9.0 million in 2023. The GAAP net loss for the year widened to $16.6 million, or $1.45 basic loss per share, compared to a net loss of $7.0 million, or $0.62 basic loss per share, in 2023.
As of December 31, 2024, cash and cash equivalents stood at $11.9 million. CollPlant also provided updates on its pipeline, including six-month study data from its regenerative breast implant program showing vascularization and rapid tissue ingrowth, and the receipt of a $2 million development payment from AbbVie in February 2025.
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